Pune, India -- (SBWIRE) -- 03/20/2018 -- The material, which is made up of large number of macromolecules to design Medical Devices in the industry are called Medical Plastics. It has excellent flexibility, durability at low cost. The Global Medical Plastics Market is spanned across five regions: Asia Pacific, Europe, North America, Latin America, and the Middle East & Africa. Among these, North America holds the major share of the global market and is projected to continue leading owing to the increasing consumption of polyvinyl chloride segment in hypodermic needles, disposable enemas, dialysis disposables, and others as it provides excellent chemical stability and versatile nature. It is estimated that the disposables segment is set to observe the highest CAGR in the market during the forecast period. Thus, China, Japan and India lead the growth of this region.

The Asia Pacific market is expected to grow at a higher CAGR due to extensive consumption of plastics in packaging, health care aid, medical instruments, and others. The U.S., Canada, and Mexico have achieved a significant stage in the market due to strict rules and regulations set by the government to follow low density materials that provides high standard and optimal performance. Additionally, it is estimated that the growing popularity of medical devices made from plastics are projected to witness a massive growth in the market as they provide lightweight and durable characteristics to the product. Therefore, the growing demand for polypropylene and polyethylene in medical sutures and instruments is estimated to drive the market during the forecast period.

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A notable development is achieved in Europe due to an implementation of new European Medical Device Regulation scheme to replace former Medical directive and the Active Implantable Medical Device Directive (90/385/EEC). With the execution of this rule, the market is set to expand at a higher CAGR during the forecast period. The growing innovation and technological advancements have propelled the market to witness a higher growth. Owing to these factors, countries such as Germany, the U.K., and Italy are the major contributors to this market.

A considerable development is predicted in Latin American region such as in Brazil, Urugua, and Argentina due to the growing consumption of polyethylene, and polyvinyl chloride in the medical industry Moreover, a rapid development is estimated in the Middle East & African region due to due to growing demand for medical plastics in drug delivery systems, syringes, diagnostic instruments, and catheters.

Segmentation

The Global Medical Plastics Market is segmented into type and application. On the basis of the type, the market is further classified into polyvinyl chloride, polypropylene, engineering, plastics, polyethylene, polystyrene, and silicones. On the basis of application, the market is sub-divided into disposables, implants, drug delivery devices, syringes, diagnostic instruments, catheters, and surgical instruments.

Competitive Analysis

Some of the well-known players operating in the Global Medical Plastics Market are Röchling Group (Germany), The Lubrizol Corporation (U.S.), Eastman Chemical Company (U.S.), The Dow Chemical Company.(U.S.), Saint-Gobain Performance Plastics (France), Solvay (Belgium), BASF SE(Germany), NUSIL(U.S.), Tekni-Plex (U.S.), and Celanese Corporation (U.S.) among others.

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